Stocks down, peso up

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    The Philippine Stock Exchange index was down 61.82 points to 5,943.58, a 1.03 percent drop.

    The broader all shares index was down 32.49 points to 3,540.57, a 0.91 percent drop.

    Losers edged gainers 112 to 72 with 59 stocks unchanged. Trading turnover reached P10.27 billion.

    The peso closed at 48.62 to the dollar, up from Thursday’s 48.68.

    The currency opened at 48.66 and hit a high of 48.69 and a low of 48.62. Trading turnover reached $481.8 million.

    Luis Limingan, managing director at Regina Capital Development Corp., said the market dropped anew “as Sino-US relations continue to be mixed with (Secretary of State Michael) Pompeo saying China has promised to follow the Phase One trade deal but (President) Trump quoted in interview that the two countries could ‘decouple’.”

    SB Equities Inc. said investors also “struggled for positive drivers amid thin corporate news flow.”

    “With central bank Governor Benjamin Diokno also noting the benchmark interest rate could be left unchanged for the rest of the year while calling for more fiscal stimulus, the PSEi traded in the red all session,” it said.

    Most actively traded Emperador Inc. was down P0.02 to P10.08. SM Investments Corp. was down P17 to P883. BDO Unibank Inc. was down P2 to P87.50. Ayala Land Inc. was down P0.75 to P30.60. SM Prime Holdings Inc. was down P1 to P30. Universal Robina Corp. was up P2.80 to P140. International Container Terminal Services Inc. was down P0.50 to P107.50.